Orientation of instances in Particles Instance Modifier
Tassle_twist.001 has a particle system applied to it from the Modifiers tab. That does'n seem right. remove it, then select the belt and from the particles tab section Render select Object instead of Path and select Tassle_twist.001 as Dupli Object. Now go to the Physics section of the Particles tab and set the size to 1. It's not entirely clear to me what you want or what you're having trouble with exactly, but I hope this helps.